This is a term used between two or more people (though usually among gay men) to point out a nearby person who is physically appealing to the eye so as not to attract attention to the subject they are looking at.

John: I really like the new schedule they gave me at work.

Jason: Yeah, I am pretty impressed with mine as well. "Meanwhile" (as Jason uses his head and eyes to motion John's attention in another direction).

John: Oh wow! Yeah, definitely. You think he's related? (note that "related" is another gay term used. Check Urban for its definition.